RBI imposed Monetary Penalty on Cooperative and Sahakari Bank; Check Name of the Banks

The Reserve Bank of India(RBI) has imposed monetary penalty on 2 Cooperative and 2 Sahakari Bank for non-compliance with the directions issued by RBI.

These Banks are The Sahebrao Deshmukh Cooperative Bank Ltd.(Mumbai), The Baghat Urban Co-operative Bank Limited(Solan, Himachal Pradesh); Sharad Sahakari Bank Ltd.(Pune); Col. R.D.Nikam Sainik Sahakari Bank Ltd.(Satara).

RBI imposed a monetary penalty of Rs.1.00 lakh (Rupees One lakh only) on The Sahebrao Deshmukh Cooperative Bank Ltd., Mumbai (the bank) for non-compliance with the directions issued by RBI on ‘Frauds monitoring and reporting mechanism’ by an order dated December 28, 2022.

Imposition of a monetary penalty of Rs.8.00 lakh (Rupees Eight Lakh only) on The Baghat Urban Co-operative Bank Limited, Solan, Himachal Pradesh (the bank) for contravention of section 35A and section 36 (1) (a) read with section 56 of the Banking Regulation Act, 1949 as the bank failed to comply with specific directions issued to it by RBI under Supervisory Action Framework (SAF).

Monetary penalty of Rs.6.00 lakh (Rupees Six lakh only) has been imposed on Sharad Sahakari Bank Ltd., Pune (the bank) for non-compliance with the directions issued by RBI on ‘Know Your Customers’ and ‘Interest Rate on Deposits’.

The Col. R.D.Nikam Sainik Sahakari Bank Ltd., Satara (the bank) for contravention of Section 26-A read with section 56 of the Banking Regulation Act, 1949 (the Act) and the Depositor Education and Awareness Fund Scheme, 2014 is levied by monetary penalty of Rs.1.00 lakh (Rupees One lakh only).